Office of the Comptroller of the Currency (OCC)

Special Purpose National Bank Charters for Fintech Companies

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On December 2, 2016, Comptroller of the Currency, Thomas J. Curry, announced that the Office of the Comptroller of the Currency would move forward with considering applications from fintech companies to become special purpose national banks. Report.

The Comptroller explained that the proposed action will provide businesses with the option to seek a charter rather than imposing a mandate. The OCC will evaluate applicants to ensure they have a reasonable chance of success, appropriate risk management, effective consumer protection, and strong capital and liquidity.

The OCC published a paper discussing the issues and conditions that the agency will consider in granting special purpose national bank charters. Report. Comments on the proposal may be submitted through January 15, 2017.

Joint Interim Final Rule Published Relating to Expanded Examination Cycle Eligibility

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On March 24, 2016, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) issued and are requesting public comment on an interim final rule that will allow more community banks to be eligible for the 18-month on-site examination cycle. The rule expands eligibility to qualifying insured depository institutions with less than $1 billion in total assets. Press Release. Interim Final Bill.